Pear Therapeutics, a US-based developer of digital therapeutics software, has collected $64m in a series C round led by Singaporean government-owned investment firm Temasek that included pharmaceutical firm Novartis.
The round included venture capital firms Arboretum Ventures and Jazz Venture Partners, investment partnership Bridge Builders Collaborative, the Singaporean state-owned EDBI, growth equity firm Trustbridge Partners, hedge fund Blue Water Life Science Fund and an unnamed hedge fund.
Founded in 2013, Pear provides cognitive behavioural therapy-based software that can be prescribed to patients either on their own or in tandem with pharmaceuticals. They track a user’s health and provide modules that help them to modify their behaviour to fight the disorder.
The company’s two lead products treat substance abuse and opioid abuse respectively, and it is working on candidates that will address mental health disorders, insomnia, multiple sclerosis and schizophrenia.
Proceeds from the series C round will be used to support the global commercialisation of its products and fund the acquisition of new assets.
Novartis, Temasek, EDBI, 5AM Ventures, Arboretum Ventures and Bridge Builders Collaborative had previously provided $50m in series B funding for Pear in January 2018.
The company had raised $20m in a 2016 round co-led by Arboretum, 5AM and Jazz Venture Partners that included Bridge Builders and undisclosed additional backers. 5AM had already led a seed round of undisclosed size for Pear the year before.